SEC Director General says...

Professor Hareendra Dissabandara, former Director General, Securities and Exchange Commission of Sri Lanka (SEC), who is tendering his resignation with effect from May 27, 2013, issued the following statement:

Prof Hareendra Dissabandara

“I am proud to have held the Director General’s position of the Securities and Exchange Commission of Sri Lanka (SEC) from September 1, 2012, during which period the SEC unveiled a comprehensive capital market development road map with a clear vision of enhancing its contribution to the national economy. During this period, the SEC secretariat contributed effectively to achieve the goals set by the SEC commission.

“We completed almost 90% of all investigations, which were pending at the time I took over as the Director General, except a few where the Attorney General’s clarification had been sought. SEC also successfully lobbied with the government to obtain a number of concessions for the industry from the 2013 budget. The open door policy of SEC helped the media obtain necessary clarifications. Foreign investors with a long term view, have returned strongly to the market, contributing 48% of turnover by February 2013.

“I was seconded to the SEC in 2008 from the University of Sri Jayewardenepura, with a specific assignment of setting up the education arm for the SEC. During my tenure at the SEC, I was able to formulate a comprehensive education and training scope for the SEC, introduce a qualification framework for the capital market industry with the help of ADB consultants, introduce Registered Investment Advisors Viva voce examination, develop curriculum, materials, books on the capital market, establish an examination system comprising of both manual and computer based testing and introduce new programmes.

In addition to the position of Director General, I simultaneously handled the CMET Division and supervised External Relations and Market Development and Corporate Affairs Divisions. As DG, I always maintained a balance between regulations and development aspects of the SEC.

By mid 2013, I will be completing five years of service at SEC and also my term as Director General. At the end of my tenure as DG of SEC, I have decided to revert to my substantive position in the University and further pursue my academic interests as a professor in Finance and continue to contribute to the overall capital market development of the country.